22 December 2000 06:47 [Source: ICIS news]
SINGAPORE (CNI)--Rising crude oil and refined product prices in China and abroad have helped hydrocarbons giant Sinopec achieve record profits this year, CNI learned on Friday.
Li Yizhong, Sinopec chairman, said in a statement that group profits would climb 160% to Rmb20bn ($2.41bn/Euro2.63bn) on a turnover of Rmb342bn.
A 3.1% increase in crude oil production to 37m tonne this year benefitted from prices which hovered at a ten-year high for eight months, the statement added. The company will have processed 110m tonne of crude oil by end-2000, up 19.9% from last year. Exports of refined products rose 18.6% to 3.9m tonne.
The statement also said that Sinopec managed to consolidate its sales strongholds for refined oil products in eastern and southern China this year, extending its control of the wholesale and retail market by 20% to 84%.
Sinopec's petrochemical subsidiaries also benefitted from China's strong economic growth. Yizheng Chemical Fibre, Shanghai Petrochemical and Beijing Yanhua in particular reported strong interim results this year. However, Li did not comment further on their performance in his statement.
The company's efforts to cut production costs, including technology innovation and management restructuring, also helped to push profits, the statement concluded.
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